District 56 School Board Updated on Cash Flow

A financial overview of the school year at a time where expenses run ahead of income was given during the November meeting of the Laurens County School District 56 Board of Trustees last night. During the meeting, held in Eastside Elementary School off Springdale Drive, District 56 Director of Finance Lynn Lawson provided the board with a financial snapshot as of November 12th.

At first glance, the report seems to be bad news. When comparing expenses to revenue so far in the 2019-2020 fiscal year, District 56 is operating at a $2.4 million dollar shortfall. But, once again Mr. Lawson advised the Trustees they should not let that number upset them. What seems to be significant deficit, he said, is actually just the nature of cash flow in a school district. He explained that District 56 has incurred significant expense already and that most of the expected revenue for this school year will come later.

A majority of local tax revenue as well as fee in lieu of tax funds will be coming in during the next two months. The financial picture will be much brighter at the board’s next scheduled meeting in late January of 2020, Lawson said.